Mobilarm to seek third IPO extension

Perth company Mobilarm plans to seek a third extension to the closing date for its $4 million initial public offering, highlighting the patchy demand for new sharemaret floats.

The company announced on its web site that it would apply to ASIC for relief from relevant sections of the Corporations Act.

Given relief approval from ASIC, the company intends to lodge a supplementary prospectus outlining a material change extending the offer close date.

Mobilarm launched its first IPO last year, with plans to raise $6 million. That offer was scrapped in January.

The company, which develops 'man overboard' and other marine safety devices, returned to the market earlier this year with a revsied $4 million share offer.

The original closing date for the second offer was 21 May.